platino e palladio

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11 ragioni per possedere platino e palladio

PROBLEMI DI FORNITURA

1. ci sono forti rischi associati alla fornitura di metalli del gruppo del platino

In the British Geological Survey's Risk List 2012, the platinum group of metals (PGMs), of which platinum and palladium are widely viewed as the most significant, received a high supply risk index based on the list's seven criteria: scarcity in the Earth's crust; production concentration-location of principal producers and contribution to global supply; reserve distribution-global distribution of reserves; recycling rate; substitutability; governance (top producing nation); and governance (top reserve-hosting nation).

2. Overall global supplies of platinum and palladium are expected to decrease substantially in 2012, resulting in supply deficits.

3. Production is highly concentrated in only two countries
Unlike many other metals that are found in numerous regions, the majority of platinum and palladium production is concentrated in South Africa and Russia, which combined to account for 88% of platinum production and 80% of palladium production in 2011.

4. Widespread labour disruption, mine closures and other issues are negatively impacting the supply of platinum and palladium from South Africa, which produced more than half of the supply of the metals in 2011.

5. Dwindling stockpiles of palladium in Russia are nearing depletion and may not be able to offset declines in mine production.

6. Alternative sources of new supply for platinum and palladium are not readily available.

7. The majority of platinum and palladium producers are operating at a loss.
The cash costs and capital expenditures required to mine a 3E PGM oz (~60% platinum, ~30% palladium, and ~10% rhodium) have risen to a level such that most mine production is already cash flow negative.  Only five companies are slightly cash margin positive after accounting for capital expenditures. A 15-year trend of declining ore grades and anticipated labour settlements with increased wages are expected to further increase cost and stress balance sheets for these producers.


DOMANDA

8. There are diverse sources of demand for platinum and palladium.

More than a quarter of the demand for platinum and palladium is from non-autocatalyst industrial uses. For platinum, sectors utilizing the metal include petroleum refining, electrical, glass manufacturing, medical, biomedical and dental, and other manufacturing such as turbines. For palladium, demand comes from the electronics (as resistors and capacitors in circuit boards), dental and chemical industries. The metals are also used in jewelry, particularly platinum which is sought after for its rarity, silvery-white lustre and resistance to wear and tarnish
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9. More stringent vehicle emission standards continue to drive demand growth for platinum/palladium in autocatalysts.

10. China is an increasingly important demand driver for both platinum and palladium.

China recently surpassed the U.S. to become the largest auto maker globally and auto sales are projected to grow at 5% per annum over the next three years, according to IHS Global.   Palladium loadings per gasoline powered vehicle produced in China have approximately tripled over the past decade and in 2010, China adopted the Euro IV emission standard, which is expected to materially increase the PGM loadings in Chinese-produced vehicles. The country's demand for platinum in jewelry, particularly among the younger generation, comprised close to 70% of the global share in 2011 and is growing. From 2006 to 2011, platinum purchases doubled on the Shanghai Exchange.

11. Strong long-term annualized returns and uncertainty about the global financial system has the potential to take more supply of platinum and palladium off the market.

The returns on both platinum and palladium outpaced the S&P 500 Total Return Index in the ten years leading up to November 21, 2012, according to Bloomberg. Eric Sprott believes that investor demand, through ETFs and funds acquiring the physical bullion, may increase as investors seek to protect their portfolios from inflation, deflation, economic slowdown and currency devaluation.

fonte: Eric Sprot trust